More about Foreclosure
After her husband died in 2009, Paula, of Atlantic County, New Jersey, needed to obtain a loan modification because she could no longer afford the high monthly payments. HAMP had just come out that year, and she remembered hearing about it on the news. She found the loan modification application on Bank of America’s website, and [Read More…]
Simple answer: no. Lenders Can’t Understand The Finances Of The Self-Employed I suppose they just don’t want to. Maybe they fear they cannot verify the financial information submitted by a self-employed person. Whatever the reason, this has been a very difficult issue for quite a number of years and given that a large number of [Read More…]
You Want To Qualify For A Loan Modification: How Will You Know If You Qualify? To Qualify for a loan modification can be frustrating but wouldn’t it be helpful to know if you qualify right now? There is a simple rule of thumb that you can use. Compare your income to your new estimated monthly [Read More…]
Bankruptcy will stop a Sheriff sale provided a bankruptcy case filing number is provided to the Sheriff prior to the sale. So, Will Bankruptcy Stop A Sheriff Sale? Yes. Sheriff’s sales are the final event in the foreclosure process but sometimes, if an adjournment of the Sheriff sale cannot be obtained, the only way to [Read More…]
Don’t Wait! Why Should I Act Fast In Applying For A Loan Modification? A fundamental mistake most people make is not to apply for a loan modification as quickly as possible. You must act fast in applying for a loan modification to save your home. It becomes apparent when you understand how a loan modification [Read More…]
What Makes Loan Modification The Best Tool? Why is Loan modification The Best Tool? It is one of the essential tools for saving your home from foreclosure, and is the best option – if you qualify. It will give you the best outcome above all other options– chapter 13 and chapter 7 bankruptcy being the [Read More…]
Principal Reduction Is The Answer To Fixing The Foreclosure Crisis: Why Can’y I Get A Principal Reduction For My Home? Principal reduction is the holy grail of loan modification: why is it so elusive? For years now, President Obama has been demanding that home loan lenders reduce principal for homes that are worth less than [Read More…]
Is Your Lender Constantly Giving You The Runaround…Why Are Loan Modifications Frustrating? There are a million and one reasons why getting a loan modification can be the most frustrating endeavor ever. We hear it constantly, “I keep sending my documents into the bank over and over again and they tell me they lost them, ask [Read More…]
Often only your mortgage lender will bid on a home in a Sheriff Sale in New Jersey at a foreclosure Sheriff sale. So, what does that mean to you? First, the Sheriff Sale process in New Jersey for home owners in foreclosure is confusing and often scary. The fear of losing your home is staggering and [Read More…]
If your home has been sold or is about to be sold, you must move – but read on. You will have to move after a Sheriff Sale. When the time finally comes after you have tried everything you could try to save your home and your home is sold at a Sheriff Sale in [Read More…]
The Sheriff Sale Process in New Jersey takes place according to the local rules of each County Sheriff Department. Sales take place at each County Sheriff’s office according to each Sheriff’s Office Schedule. Most of the Counties maintain a list of real estate properties to be sold at auction on a searchable website. Traditional paper [Read More…]
Although it has become less of an issue, What is MERS? is a question I get from time to time from clients as they try to understand just who it is they are dealing with at their home loan lender. MERS is a warehouse and database for mortgage documents designed to simplify the recording of [Read More…]
A loan modification is a change of the terms of a loan. Late fees are forgiven, but other collection fees are rolled into the principal and the loan is re-amortized. Payments are lowered by changing the interest rate, the term of the loan, or both.
Short sale is a real estate transaction with the sale price less than the remaining balance on the mortgage – that is, the sale of a house at a loss, realizing its negative equity.
If Your Home Is Scheduled For A Sheriff Sale, You Need Answers. Let’s start with understanding what is a sheriff sale. Once a lender or lien holder has a judgment in a foreclosure case against the home owner, it can then order your home to be sold at a public sale conducted by the Sheriff [Read More…]
New Jersey is a “recourse state” in mortgage law, permitting lenders recourse in the form of a lawsuit to recover the difference between sale proceeds and the balance on the mortgage in the event of short sale, deed-in-lieu, or foreclosure.
Now also known as a “Mortgage Release” (courtesy of Fannie Mae), a deed-in-lieu of foreclosure involves giving the deed of the property to the mortgage holder. The surrender of deed takes place at a closing, similar to a standard purchase or sale.
Don’t Qualify For A Chapter 13 Bankruptcy But Still Want To Save Your home From Foreclosure? There is still hope. It is possible that you tried and failed to get a loan mod, and then also discovered that a chapter 13 bankruptcy was not a good option for you. But, there may still be one [Read More…]
“Walking away” involves making a deliberate decision to stop paying the mortgage, while giving up hope of holding on to the property. It’s a choice to let the foreclosure process proceed. There have been millions of foreclosures in the United States over the last decade—you are not alone. Although it’s not what anybody intends when they purchase a home, it may become necessary at some point to take the hit, if the home has become unaffordable.
Did you fail to get a loan modification? Here are the Two Biggest Reasons People Don’t Get Loan Modifications and how to avoid them. Reason 1. The single biggest reason people fail to get a loan modification is: they don’t submit all of the documents requested. You must submit all of the documents requested. Reason 2. [Read More…]
The Future Of Foreclosure In the United States The truth is, the foreclosure crisis is not over. The end of the Great Recession, on the books recorded as June 2009, seems to be a premature end-date for those still feeling first-hand the financial backlash of the economic downturn. Homeowners suffered significantly during the Great Recession; foreclosure [Read More…]
A Tough Case For Home Owners In New Jersey Facing Foreclosure. The Supreme Court of the United States decided in a unanimous decision recently that a homeowner in a Chapter 7 bankruptcy case can not void a second mortgage lien when the debt owed on a first mortgage lien exceeds the current value of the home. [Read More…]
Stop foreclosure now! When you retain a lawyer, foreclosure is stopped while you work out a loan modification or other means. Don’t delay. (862) 217 2136
If you want to save your home from a Sheriff sale, there are number of strategies you can employ – it’s not too late. Don’t be concerned that its the last minute. You may have been trying for months or longer to get a loan modification or maybe you gave up months ago but now [Read More…]
The two basic types of loans are “secured debt” and “unsecured debt.” Secured debt is a loan underwritten by an asset used as collateral. These loans include mortgages, car loans, and some kinds of consumer loans for durable items such as TVs or furniture. Unsecured debt includes personal loans, credit cards and bank lines of credit.
Second mortgages are treated differently than first mortgages in all circumstances. In a sale or foreclosure, the first mortgage holder has priority, receiving proceeds of the sale up to the amount of the full remaining balance. Second mortgages can be stripped of their liens, becoming unsecured debt.
Navigating The Foreclosure Process: Where Should I Start? If you’re saying to yourself, “I want to save my home from foreclosure but don’t know where to start,” then you’ve come to the right place. Here is what you should do. 1. Educate First and foremost in navigating the foreclosure process and deciding where to start, [Read More…]
New Jersey foreclosure activity still high in 2014 according to the latest information from RealtyTrak which tracks the foreclosure market nationwide. In New Jersey foreclosure filings have picked-up compared with a year ago, but, it still takes more than 2 1/2 years for lenders to evict New Jersey homeowners who can’t pay their mortgages. According [Read More…]
New Jersey Fair Foreclosure Act was adopted to provide homeowners with the ability to cure a defaulted mortgage. Good Public Policy To Cure Defaults. The Legislature, when enacting the Fair Foreclosure Act, found that it was good for New Jersey for homeowners to be given every opportunity to pay their home mortgages, and thus keep [Read More…]
1. Educate First and foremost in navigating the foreclosure process and deciding where to start, begin to educate yourself about the process. We have a plethora of free resources on our website: blog articles about foreclosure, loan modification, bankruptcy, the sheriff sale, and many more topics; we also have educational videos, case stories and helpful [Read More…]